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Morgan Stanley raised its China growth forecast by 0.3 percentage points to 5.7% and lifted its yuan target. The bank said the market was underappreciating the effects of China's reopening.
The note covers growth, stocks and currency views.
A stronger China growth outlook could support demand for feed commodities over time. The yuan forecast change has little direct effect on feed prices.
reuters.comMarc JonesJan 10, 2023After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
